Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, July 27, 2022.

Elizabeth Frantz | Reuters

The bond market is waiting for Federal Reserve officials to reveal how high they think interest rates will go. The reaction to that forecast will also have a profound impact on stocks, which have struggled as rates have risen in anticipation of a more aggressive Fed.

The latest Fed forecast for a terminal rate — or high water mark in interest rates — will be unveiled in quarterly economic projections released at 2 p.m. ET today. That is when the Fed is expected to announce that will it will raise its target fed funds rate, and there is some speculation it could move as much as a full percentage point.

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Here are more of today's top stories to prepare for the Federal Reserve Meetring today, exclusively for CNBC Pro subscribers!

BlackRock’s Rieder says Fed should not panic because rate hikes have lagged effect

BlackRock’s Rick Rieder expects the Fed to hike rates by three-quarters of a point Wednesday and says the Fed does not need to raise them by the full percentage point that some expect.

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What traders are thinking about before the big Fed decision Wednesday afternoon

Three-quarters or one full percentage point from the Fed? That’s the big question on the minds of traders Wednesday.

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Higher rates are leaving investors around the world with nowhere to hide

Get a glimpse into Mike Santoli's ideas about trends, stocks, and market statistics as we near the Fed's press conference today.

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